PSCU/Co-op Solutions has teamed with Amount to launch a digital lending suite.
The suite, dubbed Origination Solutions, is now in the pilot stage with two credit unions, the credit union service organization (CUSO) announced in a Wednesday (April 10) news release provided to PYMNTS.
“Today’s consumers expect immediacy and a frictionless experience, especially around less complex and higher frequency products,” PSCU said. “Yet digital account opening and credit card loan origination are both currently associated with a number of challenges, including a lack of automation, fraud, integration obstacles and outdated technology.”
Origination Solutions, the release says, removes these barriers via an automated process with secure transactions and integration with multiple systems to drive instant decisioning, creating a better experience for credit union (CU) members.
“Many credit unions have modernized their in-branch and contact center processes to meet member demand for immediacy, but other experiences still lag behind,” said Denise Stevens, executive vice president and chief product officer for PSCU/Co-op Solutions.
With Origination Solutions, the organization said, users will get features to improve their experience, including instant account opening and instant lending, as well as the ability to quickly and easily apply for a card and “receive a decision and instantly provision a digital plastic to a mobile wallet for immediate use.”
The launch comes a little more than a week after PSCU/Co-op Solutions unveiled an initiative designed to foster collaboration between credit unions and FinTech companies.
The new Fintech Engagement Program includes both vetted FinTech companies and credit unions that want g to address industry pain points, PSCU/Co-op Solutions said.
“Our Fintech Engagement Program aims to connect these two groups — FinTechs and credit unions — to discover possibilities, unlock opportunities and help navigate challenges,” Vladimir Jovanovic, vice president of innovation at PSCU/Co-op Solutions, said in a news release.
Meanwhile, research by PYMNTS Intelligence has shown that CUs are taking measures to embrace digital transformation, modernize their operations and improve customer experiences.
Almost 80% of credit unions say their payment innovation efforts have led to a positive return on investment, according to the “2024 Credit Union Innovation Readiness Index,” a collaboration between PYMNTS Intelligence and PSCU.
The research found that 90% of top-performing credit unions witnessed an increase in member satisfaction with their mobile app in the past year, while 83% saw a rise in the number of mobile app downloads.
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